ISLAMABAD: Pakistan is going to increase the levy on petroleum products, the country’s finance chief told the local media on Saturday, days after the government jacked up oil prices to a record high.
The government on Thursday increased the price of petrol by Rs8.03 to Rs145.82, of high-speed diesel by Rs8.14 to Rs142.62 per liter, of kerosene oil by Rs6.27 to Rs116.53 and of light diesel oil by Rs5.72 to Rs114.07 per liter.
The planned increase in the petroleum development levy would come on the recommendation of the International Monetary Fund (IMF), the prime minister’s adviser on finance Shaukat Tarin told the local broadcaster Geo News.
“The International Monetary Fund has also asked to increase the petroleum development levy but it will depend on the global prices of petroleum products,” he said.
“We have to increase levy by some percentage ... when and how we will increase, it all depends on the oil prices. If there is dip in oil prices, it will be easier for us to increase levy.”
The planned increase is likely to result in further hikes of petroleum prices, for which Prime Minister Imran Khan is already facing criticism.
On Friday, Khan defended his government’s decision to increase petroleum prices saying the rates in Pakistan were still the lowest in the oil importing world.
“India is selling one liter of petrol for Rs250 while Bangladesh is doing that for Rs200,” he said during a public rally in Attock. “Pakistan is selling it for Rs146. If we count out the oil producing nations, Pakistan is offering diesel and petrol at the cheapest rates in all the oil importing countries.”
Days after oil price hike, Pakistan to increase petroleum levy — finance chief
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Days after oil price hike, Pakistan to increase petroleum levy — finance chief
- Last week, the government jacked up petroleum prices by up to Rs8.14 per liter of high-speed diesel
- Shaukat Tarin says the planned increase in the petroleum development recommended by IMF
Pakistan’s Agha weighs future after poor T20 World Cup campaign
- Pakistan suffered defeats at hands of heavyeights England, arch-rivals India in the tournament
- Pakistan’s middle order often did not click while spinners could not exploit turning conditions
Sri Lanka’s Sanath Jayasuriya said he will step down as head coach, while Pakistan’s Salman Agha said he will take time to decide whether to remain captain after both teams’ poor campaigns at the Twenty20 World Cup.
Tournament co-hosts Sri Lanka made the Super Eights but the 2014 champion lost all three matches to finish at the bottom of Group Two.
“I thought it was time to give it (the job) to someone else,” Jayasuriya said after their narrow defeat to Pakistan on Saturday.
“That’s why about two months ago I’d said during the England series that I don’t have hopes of staying in the job for long. I’d taken this decision by then.
“I thought I’d be able to leave as coach on a good note in the World Cup. I wasn’t able to do that as well as I’d like, and I’m sad about that.”
The former captain, whose contract runs until June, said he was yet to convey his decision to Sri Lanka Cricket.
“I haven’t given SLC any news officially yet. They don’t know that I am going to say this even. I will need to go and discuss with them.”
It was an underwhelming tournament for Pakistan as well that included a comprehensive defeat at the hands of arch-rivals India in a group match.
Pakistan’s middle order often did not click, while their slow bowlers could not make the most of the spin-friendly conditions in Sri Lanka where they played all their matches.
“We have underperformed in the whole tournament,” captain Agha told reporters.
“We are out of the semis due to our failure in decision-making in pressure situations.”
Agha said he and head coach Mike Hesson took full responsibility for their poor performance in a global multi-team event.
He was unhappy with his own form but said he was not in a hurry to take a call on whether to stay as Pakistan’s white-ball captain.
“I will go back and take some time to decide,” the 32-year-old said.
“Because at this point of time stepping down would be an emotional decision.”
